Licensed casinos in the Philippines saw a 94.5 percent uptick in revenue during the fourth quarter of the year, topping PHP51.2 billion ($925.26 million), according to the most recent results released by the nation’s gaming watchdog and operator PAGCOR.
The licensed casinos include those operating in Entertainment City – Solaire, Okada Manila, City of Dreams Manila and Newport World Resorts. The properties saw an 85 percent yearly uptick in revenue on 4Q22, topping PHP44.05 billion ($796.56 million).
Meanwhile, licensed casinos in Clark generated some PHP6.77 billion ($122.53 million) in GGR during the quarter, up 195 percent yearly. Meanwhile, casinos at Fiesta saw 4Q22 revenue rise 76 percent annually, to PHP210.06 million ($3.79 million).
PAGCOR operated gaming revenues, including poker and in-house bingo, brought in PHP4.82 billion ($87.15 million) during the quarter, up 116 percent annually, with nearly half of revenues coming from slot machines – at PHP2.33 billion ($42.3 million). Table games at PAGCOR operated venues brought in GGR of PHP1.79 billion ($32.43 million), while VIP table games brought in PHP650.67 million ($11.76 million) and VIP slot machine revenue was negative PHP271,927 ($4,900).
The fourth quarter contributions in GGR helped PAGCOR book a record-breaking PHP58.96 billion ($1.06 billion) in total income for 2022, a 66 percent yearly increase, of which PHP55.05 billion ($994.98 million) came from gaming operations (up 68 percent annually).
PAGCOR’s chairman and CEO, Alejandro Tengco, expressed optimism about the continued upward trajectory in the coming years.
“Looking at PAGCOR’s upward revenue trend since the first quarter of 2022 up to the end of the year, as well as the recovery path of other gaming hubs in Asia like Singapore and Macau, we are confident that the Philippine gaming sector will be able to fully recover, or even surpass its pre-pandemic earnings soon,” noted the official.
“Since the lockdowns were eased in the country last year and gaming venues reopened, customer confidence slowly returned and the attendance in our owned casinos slowly improved. Our licensed casinos likewise recorded a major revenue growth,” noted Tengco.
